Final Nevada Mandatory Foreclosure Rules Adopted
The Nevada Supreme Court has adopted final rules for the new mandatory foreclosure mediation. These new rules become effective July 31, 2009. The rules include a number of significant changes, as the result of several public hearings conducted by the court. The mandatory mediation program allows a homeowner receiving a Notice of Default on or […]
Is your loan modifiction company licensed in Nevada?
On July 8, 2009, Governor Jim Gibbons signed emergency regulations that require all persons conducting loan modification and foreclosure consulting activities to have state licenses. The emergency regulations are effective immediately. The Governor’s act was authorized by Assembly Bill 152, which was passed in the last Legislative Session. AB 152 modified Nevada Revised Statute 645F, […]
1031 Tax Exchange
A 1031 exchange defers capital gains and depreciation recapture taxes on the sale of investment, trade or business property as long as the exchanger purchases another like kind of property. In a delayed exchange, the most common type, the owner sells the relinquished property to a buyer, has the sale proceeds held by a Qualified […]
Proposed Rules for Forclosure Mediation
The Nevada Supreme Court held a public hearing on June 25, 2009, at the Las Vegas Justice Center regarding rules for the mandatory mediation program for homeowners in foreclosure. The program was made effective on July 1, 2009, and applies to owners of primary residences who receive a Notice of Default (NOD) from their lender […]
Strategies Regarding Negative Equity.
There was an interesting article in Sunday’s Review Journal about the Nevada foreclosure market and the mediation program . The link is provided below. While I agree that modification should be thought of more as an achievement than an entitlement, I do not propose that people should merely walk away from their homes as one suggested. There are various strategies to […]
Protecting Tenants in Foreclosure
A federal law to protect renters was recently passed by Congress and signed into law by President Obama. The Protecting Tenants at Foreclosure Act of 2009 became law on May 20, 2009. The new tenants’ protection law creates unprecedented federal protections for tenants. The Act protects tenants under any lease of a residence […]
Nevada Assembly Bill 149
On June 1, 2009 Assembly Bill 149 was enacted which amends existing laws related to foreclosures and sets forth new procedures related to defaults and the exercise of powers pursuant to a trust agreement or deed of trust. A trustee under a deed of trust has the power to sell the property to which the deed of trust […]